After participating in two events on inequality at the Spring Meetings – Making Growth Work for the Poor and Income Inequality Matters: How to Ensure Economic Growth Benefits the Many and Not the Few, I received a surprising number of emails asking whether my remarks on the importance of addressing rising inequality meant I had abandoned growth as the main priority for developing countries. One thing I certainly took away from this correspondence: Inequality is too complex a phenomenon to address in a brief session at the Spring Meetings.
Women are still paid less than men; they are less represented in business, politics and decision-making. Their life chances remain overwhelmingly less promising than those of men.
This inequality hurts us all.Delaying early marriage in the developing world by just a few years would add more than $500 billion to annual global economic output by 2030.
Growth is picking up in South Africa, and this is good news after two years of declining incomes per capita. Observers are revising their forecasts, and optimists foresee economic growth to exceed 2% in next years. In recent months, several events have indeed improved South Africa’s economic outlook: the smooth transition in power, the authorities’ reaffirmed adherence to principles of good governance and debt stability, and the upward revision in national accounts, revealing higher economic activity in 2017 than previously measured.
- Global wealth grew significantly over the past two decades with middle-income countries catching up to high-income countries.
- New World Bank report includes estimates of human capital for the first time. Human capital is the largest component of global wealth, pointing to the need to invest in people.
- Natural capital makes up nearly half of the wealth in low income countries. More efficient, long-term management of natural resources is key to sustainable development.